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With reference to the Investor Education and Protection Fund Authority, consider the following statements:
- It was established under the Companies Act, of 2013.
- It works under the Union Ministry of Finance.
- It has the responsibility of administration of the Investor Education Protection Fund.
How many of the statements given above are correct?
- a)Only one
- b)Only two
- c)All three
- d)None
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
With reference to the Investor Education and Protection Fund Authority...
Statement 1: It was established under the Companies Act of 2013.
This statement is correct. The Investor Education and Protection Fund Authority (IEPFA) was indeed established under the Companies Act of 2013. The Companies Act, 2013 is a comprehensive legislation governing companies in India and it includes provisions for investor protection and education.
Statement 2: It works under the Union Ministry of Finance.
This statement is incorrect. The IEPFA does not work under the Union Ministry of Finance. It is an autonomous regulatory authority established by the Ministry of Corporate Affairs (MCA), which is a separate ministry from the Union Ministry of Finance. The MCA is responsible for the administration of the Companies Act and other related matters.
Statement 3: It has the responsibility of administration of the Investor Education Protection Fund.
This statement is correct. The IEPFA has the responsibility of administering the Investor Education Protection Fund (IEPF). The IEPF was created to receive and manage the unclaimed dividends, matured deposits, and other amounts transferred by companies to the fund. The IEPFA utilizes these funds for investor education and awareness programs, as well as for the protection of investors' interests.
Conclusion:
Out of the three statements given, only two statements are correct. The first statement is correct as the IEPFA was established under the Companies Act, 2013. The second statement is incorrect as the IEPFA does not work under the Union Ministry of Finance. The third statement is correct as the IEPFA has the responsibility of administering the Investor Education Protection Fund. Therefore, the correct answer is option 'B' - Only two statements are correct.
This statement is correct. The Investor Education and Protection Fund Authority (IEPFA) was indeed established under the Companies Act of 2013. The Companies Act, 2013 is a comprehensive legislation governing companies in India and it includes provisions for investor protection and education.
Statement 2: It works under the Union Ministry of Finance.
This statement is incorrect. The IEPFA does not work under the Union Ministry of Finance. It is an autonomous regulatory authority established by the Ministry of Corporate Affairs (MCA), which is a separate ministry from the Union Ministry of Finance. The MCA is responsible for the administration of the Companies Act and other related matters.
Statement 3: It has the responsibility of administration of the Investor Education Protection Fund.
This statement is correct. The IEPFA has the responsibility of administering the Investor Education Protection Fund (IEPF). The IEPF was created to receive and manage the unclaimed dividends, matured deposits, and other amounts transferred by companies to the fund. The IEPFA utilizes these funds for investor education and awareness programs, as well as for the protection of investors' interests.
Conclusion:
Out of the three statements given, only two statements are correct. The first statement is correct as the IEPFA was established under the Companies Act, 2013. The second statement is incorrect as the IEPFA does not work under the Union Ministry of Finance. The third statement is correct as the IEPFA has the responsibility of administering the Investor Education Protection Fund. Therefore, the correct answer is option 'B' - Only two statements are correct.
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Community Answer
With reference to the Investor Education and Protection Fund Authority...
Recently, in a step towards financial literacy, Investor Education and Protection Fund Authority (IEPFA) launched two Investor Awareness Vans titled “Niveshak Sarathi as part of the Azadi ka Amrit Mahotsav celebrations.
- It was established in 2016 under the Companies Act, of 2013.
- The Authority is entrusted with
- The responsibility of administration of the Investor Education Protection Fund (IEPF).
- Make refunds of shares, unclaimed dividends, matured deposits/debentures etc. to investors and promote awareness among investors.
- Nodal Ministry: Ministry of Corporate Affairs
Hence only statements 1 and 3 are correct.
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With reference to the Investor Education and Protection Fund Authority, consider the following statements: It was established underthe Companies Act, of 2013. It works under the Union Ministry of Finance. It has the responsibility of administration of the Investor Education Protection Fund.How many of the statements given above are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'B'. Can you explain this answer?
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